Why It Helps to Buy Medical Indemnity Insurance

Why It Helps to Buy Medical Indemnity Insurance

You owe it to yourself to buy medical indemnity insurance. It’s inexpensive yet can be the difference between life and death in a severe accident or illness. You read that right: you may want to buy insurance to ensure your family will be adequately cared for during your death. You’ll benefit from the peace of mind knowing that in the worst-case scenario, you’ll have enough resources available when an accident happens and that care will be provided at no cost. That’s what medical indemnity insurance in Australia is all about.

Hospital bills can be astronomical. It’s not uncommon for them to exceed the lifetime savings of most individuals, even those with comprehensive health insurance plans. Even if you have a million-dollar hospitalization policy on your life if you don’t have enough money in your bank account at the time of your death to pay for it, who will? The answer is probably not anyone. So depending on family or friends to shoulder this financial burden could leave them financially distressed for years and cause stress-related health issues down the road. That’s why it’s essential to have high-deductible insurance, which forces you to save money before you get sick or injured.

What is a Medical Indemnity Insurance Plan? - JournoMed

Being insured also means you won’t be responsible for paying the entire bill from a major medical and hospitalization. No matter how healthy you are, no one wants to be in that position, which can lead to serious financial troubles for even the most financially secure among us. Insuring yourself against potentially high medical fees can help remove much of that stress. That way, when your accident or illness does occur, you won’t feel as if life is out of control – even though it may be. But the fact is, medical arrests and illnesses do happen, and the amount of money you’ll owe from those incidents could be even higher than your savings account.

So while you may think you’re too young or healthy to need medical indemnity insurance, it’s worth taking a second look at your finances and how they would fare in a major accident or illness. The fact is that accidents do happen, as all of us know: car accidents and traffic incidents are among the most common causes of death in all age groups, including children. And what about cancer? It can affect anyone at any age. Heart attacks can strike unexpectedly as well. Medical expenses can mean the difference between financial stability and bankruptcy, which, in turn, can affect long-term planning for all aspects of your life.

In conclusion, the peace of mind and security afforded by medical indemnity insurance makes it well worth the money spent. Furthermore, insurers usually provide discounts for two or more policies purchased by the same individual, so if you want to protect someone else in your family, consider buying a few policies. The extra coverage will cost you just a little bit more in the short term but will provide you – and them – with much-needed peace of mind if an accident or illness does occur.